REP. TOM FOLEY (D-WA)
During 1993, Rep. Foley made a number of transactions that appear to have been INITIAL PUBLIC OFFERINGS. The following firms had IPOs in progress:
Welpoint Health Networks: (P) 1/27/93 (S) 1/28/93 $15,000-$50,000
Gupta Corp.: (P) 2/4/93 (S) 2/8/93 $1,000-$15,000
Cryolife: (P) 2/11/93 (S) 3/10/93 $1,000-$15,000
Avid Technology: (P) 3/11/93 (S) 3/12/93 $1,000-$15,000
NFO Resh Inc.: (P) 4/8/93 (S) 4/8/93 $15,000-$50,000
CDW Computer Centers: (P) 5/27/93 (S) 5/27/93 $1,000-$15,000
Sunglass Hut: (P) 6/8/93 (S) 6/9/93 $1,000-$15,000
- Rep. Foley reported selling between 1,000 and 15,000 dollars worth of stock in Snapple Beverage on January 4, 1993 (the first business day of the new year). But checking his financial disclosures for 1992, they show no record of any Snapple purchase. Snapple went public December 15, 1992.
- Rep. Foley reported selling between 1,000 and 15,000 dollars worth of stock in Compuware Corp. on January 4, 1993 (the first business day of the new year). But checking his financial disclosures for 1992, they show no record of any Compuware puchase. Compuware went public December 16, 1992.
- On May 14, May 15, and June 3, 1993, Rep. Foley purchased between 15,000 and 50,000 dollars worth of stock in Nocopi Technologies. He later sold between 1,000 and 15,000 dollars worth of this stock on October 5, 1993 (reporting no capital gains).
Nocopi markets a technology that prevents sensitive documents from being photocopied. They license this technology to U.S. Banknote who supplies the Treasury Department with financial instruments.
One day earlier, on May 13, 1993, a supplemental appropriations bill was introduced in the House (H.R. 2118) that contained appropriations for the Treasury Department.